Ascend Partners has announced it has closed its inaugural fund, Ascend Capital Partners Fund I, with total committed capital of $570 million.

The Fund was oversubscribed and hit its hard cap.

Ascend Partners, based in New York, is a growth-oriented, healthcare-focused private equity firm. Founded in 2019, Ascend is led by co-founders In Seon Hwang, formerly of Warburg Pincus, and Dr. Richard Park, formerly of CityMD.

The firm indicated it will be using its funding to target investments in the “large and fragmented physician practice management market.”